Banking Operations

Overview

Artifi connects directly to your banking infrastructure through a multi-provider connector framework. This enables automated bank statement imports, payment batch processing, and real-time transaction monitoring — all managed through the AI assistant or admin dashboard.

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Bank Account Management

Setting Up Bank Accounts

Each legal entity can have multiple bank accounts, each configured with:

• Account Name — Descriptive name (e.g., "USD Operating Account")
• Account Number — Bank account number
• IBAN — International Bank Account Number
• Currency — Account currency
• GL Account — Linked general ledger account for reconciliation
• Bank Name — Name of the banking institution

Account Types

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Banking Connectors

Artifi supports multiple banking providers through a unified connector framework:

Connector Setup

Each connector requires:

1. Registration — Link the connector to a bank account
2. Credential Configuration — Enter API keys or OAuth credentials (encrypted at rest)
3. Health Check — Test connectivity and credentials
4. Activation — Enable for automated operations

All credentials are encrypted using AES-256-GCM with organization-specific encryption keys. Credentials are entered through the admin dashboard — never through chat — to prevent exposure in conversation logs.

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Bank Statement Import

Automated Import

Connected bank accounts can automatically import statements on a schedule:

1. Connector fetches transactions for the specified date range
2. Transactions are normalized to a standard format regardless of provider
3. Statement lines are created and linked to the bank account
4. Autonomous agents can then categorize and match transactions

Supported Formats

• ISO 20022 (CAMT.053) — Industry standard for bank-to-customer statements
• Provider APIs — Direct API integration (Wise, Stripe, Salt Edge)
• CSV — Manual upload for banks without API connectivity

Statement Processing

Each imported statement line contains:

• Transaction date and value date
• Amount and currency
• Counterparty name and account
• Reference and description
• Transaction type (credit/debit)

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Payment Processing

Payment Batches

Payments to vendors are processed through the payment batch system:

1. Proposal Generation — System identifies invoices due for payment based on payment terms
2. Review — Review proposed payments, adjust amounts, exclude specific invoices
3. Approval — Payment batch goes through workflow approval
4. Execution — Payments are transmitted to the bank via connectors
5. Reconciliation — Bank confirms payment execution, statements are matched

Payment Methods

Payment File Formats

For banks requiring file-based payment instructions:

• ISO 20022 PAIN.001 — Credit transfer initiation
• ISO 20022 PAIN.002 — Payment status reports

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Bank Reconciliation

Artifi uses a 3-pass reconciliation algorithm:

Pass 1: Deterministic Match (Exact)

• Amount matches exactly
• Date within ±2 days
• Confidence: 100%
• Auto-confirmed without human review

Pass 2: Heuristic Match (Fuzzy)

• Amount within 1% or $5 tolerance
• Reference number similarity
• Description keyword matching
• Confidence: 70–99%
• Suggested for human review

Pass 3: Manual Exception

• No automatic match found
• Confidence below 70%
• Requires human investigation

Reconciliation Results

A typical reconciliation run:

• 90% auto-matched (Pass 1) — no human effort needed
• 6% fuzzy matched (Pass 2) — quick review and confirmation
• 4% exceptions (Pass 3) — manual investigation required

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Autonomous Bank Processing

Artifi includes autonomous agents that process bank transactions:

Transaction Categorization

The bank transaction processor agent:

• Analyzes each statement line's description, amount, and counterparty
• Suggests GL account categorization
• Matches against known vendors and customers
• Creates draft journal entries for review

Bill Matching

For incoming payments:

• Matches customer payments to outstanding AR invoices
• Handles partial payments and overpayments
• Suggests write-offs for small differences

For outgoing payments:

• Matches bank debits to payment batch records
• Confirms vendor payments were executed successfully
• Flags unexpected outgoing transactions